Here’s the plain-English version, drawn straight from the announcement you shared.
How the two fund lines differ
Dimension | Access Funds | Select Funds |
Who they’re built for | Accredited Investors | Qualified Purchasers |
Typical Investment | $100K minimum, with average investment around $500K | $100K minimum, with average investment above $1M |
Primary use-case | First-time exchange fund investors diversifying out of concentrated stock positions accumulated from stock compensation | Help highly concentrated stockholders gain immediate diversification through Index Sync |
Capacity and Benchmarks | Grow the portfolio in a balanced manner around narrow indices like Nasdaq-100 | Can absorb outsized lots by pairing client stock with strategic ETF rebalances, across benchmarks like S&P 500, S&P 500 Growth, and Nasdaq-100 |
Close cadence | Targeting monthly closes (subject to change). | Targets biweekly closes (subject to change). |
Fees | 0.50% - 0.95% | 0.40% - 0.95% |
Which one makes sense for you?
This depends on your eligibility, our fund capacity, and your long-term goals. By default, our Select Funds can offer higher capacity, and also offer more benchmarks, which makes it the natural choice for most Qualified Purchasers.
Expect the same long-term economics.
Both funds aim to deliver faster diversification, lower fees than legacy exchange funds, and identical tax treatment. The difference is mainly related to who these funds can serve.